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Investing.com -- Abridge AI Inc., a Pittsburgh-based startup that develops artificial intelligence (AI) software to transcribe medical conversations, is in the process of raising $300 million in a new funding round. The round is being led by venture capital firm Andreessen Horowitz, according to Bloomberg, citing sources close to the matter.
The new round of funding will place the valuation of Abridge AI at $5.3 billion, inclusive of the investment. This is a significant increase from the company’s valuation just a few months ago. The upcoming investment round will nearly double the company’s value, highlighting the tech industry’s growing interest in AI software that can enhance efficiency in sectors such as health care.
Earlier this year in February, Abridge AI announced it had raised $250 million in funding, which put the company’s valuation at $2.75 billion. Alongside Andreessen Horowitz, Khosla Ventures is also participating in the new financing round, according to the same sources.
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